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the government fears contagion. it starts doing naughty things. this is limiting how much those folks can take out once they can get out the money. it is enacting sweeping measures that are raising eyebrows worldwide. banks rethinking even being there. paying customers wanting to get out of there. it is a mess. in these next 72 hours, cyprus officials are very lelia. they are working overtime to contain this mess. let me put it this way. cyprus is no longer an island. cyprus is a tsunami. it scares me customers worldwide. that is what they are hoping to avoid this weekend. it depends on whether they deal with this. going to john brown, and our own nicole petallides on whether they can and will. nicole kno of what she speaks. her parents are from cyprus and she has visited there many times or so. these are wholly times. >> i am so glad that you're painting it in the proper way. this is .2% of europe's gdp. it is a small island and it is being menial to so many. but it paints a picture of what is going on there. which is catastrophic. you go in there and you are talking about confiscating peles
liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking up tomorrow morning and then finding a thousand bucks missing, right off the top, does that sound over the top? in cyprus that is reason that thousands of bankustomers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, a keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a b-line for our other ass
, is he up to suing the very government ta bailed his firm out, if you wondered, what about bob? tonight is your chance to hear from bob. on that suit and whether he is in. man many argue is at center of it or not, robert ben mo shea coming up. before that. forget about digging out. on this spending thing washington is digging in. welcome i'm neil cavuto it is one thing for nancy pelosi to say we don't have a spending problem for the president to say there is really no great urgency to balancing the budget or harry reid saying there is no rush too deal with entitlements this year. but for house democrat to double down on spending stupid by pushing more stupid spending, well, you got to wonder. but this is true, they want more stimulus about $200 million more, who can blame them, clearly none of their leaders are trying to stop them or remotely discourage them. and members of pear are not block -- of their party are not exactly blocking them. i don't think their intention was to encourage this. they run for a immediate nicotine spending rush any time they can get it, they d got it,n them
to shut down the government, when it was shut down for three weeks when newt gingrich was trying to control bill clinton and his spending, and he is giving up his card. when boehner says we don't have an immediate dead crisis he is giving up his cards. he doesn't want to actually do something about this but likes being speaker. >> neil: they're looking at the next -- the end of this month we're facing yet another potential crisis. they're going to argue that the government could shut down. and this is their attempt to say, we won't brick -- bring it to that pranksmanship because we don't want it on our door step we caused it. but it's going to boomerang on them. they retook the upper hand and now they're giving it away. >> exactly right. sequestration was passed a year and a half ago, part of the plan a year and a half ago. all the republicans had to do is keep their mouth shut and stay out of the way. thank god they did that. here we go again. if they're not going to stand up now, to obama, and this absolute mindless spending, and borrowing and printing, then i have to say, neil
and local government have absolutely been desmated by rising healthcare costs, rising pension benefits they're paying out to retirees. this is the last strom they're paying what is left for snow removal, and they may have to ask for more money. the only silver lininges it forces families to stay home. have that dinner table conversation they might rather not have. they're all stuck in a dark room and can't use electronics. so there's so positives. >> neil: there is that. i'm wondering, this whole first quarter of the year has been buffetted by one storm after another and i'm wondering how it's going to affect the overall economy in terms of gdp and big data we get. will it be slower or is the boom you generally get after something like this make up for it? >> well, again, we still have the head wind from the rise in the payroll tax, which is absolutely affecting consumers. also, gdp will be faked. corporate earnings will be affected be the rising dollar and slow european recovery, if there is a recovery. and when we look at the storms, many in the northeast have fallen othe weekends, the ti
's the principle here. the principle is that the government has come in trying to take over one-sixth of the economy in order to be able to gain control of our lives, and of course it's going to be a mess. what does the government do that is good when it starts interfering with our lives? there are functions for the government. they need to remember what those things are and leave the rest of us alone. >> neil: what they discovered, as you warned -- this is prior to your prayer breakfast meet and greet with the president -- that all of a sudden the goodies would be showcased up front. the problems would be later. the goodies were fewer, the problems many more, and the cost of this potentially much, much hire than the thought. how is all of this rolling out now? >> well, of course the reason that it was done in secret, rather than in a transparent manner in which it was supposed to have been done, is because there are so many bad parts of it. there's so many obligations so many new taxes associated with it. it's incredibly expense simple. it was supposed to lower the cost. it has
a european government is he seizing the private welt alth of citizens. but it has. we've had two terrific weeks and a pullback on friday, but two terrific weeks that took the dow to 14,500. we're expect the market will come down in the first minutes of business today. down maybe 80, 90 points because of the cyprus situation. whoever thought that we'd be sitting here seeing an obscure island in the mediterranean affect our money so sharply. opening trend is indeed down. here we go, they're opening up the stocks and the dow is now down 48, 50 points, 14,400 we're back to now. and get to individual stocks, three big names and now them, apple, blackberry, boeing, all went up last week and i want to start with apple. according to a new analyst survey, apple set to raise its dividend by maybe more than 50%. it doesn't make any difference, it's down two bucks this morning. now, our partners in all things digital reporting that the blackberry chief told an australia newspaper that the iphone is past its prime. it doesn't make any difference, blackberry is down this morning and boeing's rival airb
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
action, are far more likely to get the most positive outcome. call this free government program for the option that's right for you. >> predictions, it gary b. >> i like lululemon. the reason, it's complete overreaction, they're recalling a product. it happens all the te and i think the stock is up 20%. >> brenda: i just like saying the name of the company. bull or bear. >> they don't get into yoga and high price valuation. >> brenda: toby, your prediction. >> all of these smart phones have done one thing, made the super memory off the chart, prices going up. and micron going up and-- >> gary b, bill or bear. >> i'm bearish, a little overbought right now. >> brenda: john your prediction. >> best buy turn around getting rave reviews, up. >> brenda: and toby. >> it's up 25% before it goes down 25%. >> brenda: jonas? >> okay. around word on street. bribing the tonight show to it move to new york city. the credit card-- >> bill or bear. >> letterman in new york-- >> and jay leno, and john ji carson and-- neil cavuto is up next. >> neil: the unions are starting to get loud, but is t
. these are democrats. this is their idea of government. everybody in the country needs to be paying attention to what the democrats and in some cases a handful of republicans are doing. at a time when we should be talking about transparency on the issues of our time. we are simply being brushed aside by imperious and elitist government. just a few days later, lawmakers admitted they were adopting law enforcement officers. imagine not. a month later, they said they wanted to use anned assault weapons. earlier this week, governor cuomo admitted that he had to amend the law. because it bans the sale of this. they didn't even think about that. the idiocy of the whole process is astounding. new report out today saying that governor cuomo is trying to lure the "tonight show" back to manhattan. that is right, nbc with three shows is trying to, well, basically dump the host of one of their three winning shows. these are brilliant people. right and to get the show back to manhattan providing 30 percent tax break if it decides to leave to caper but it is no secret that cuomo likes hollywood but shocking are hi
-fulfilling prophesy. keep buying on the dip. >> there's one other entity that makes it happen and our government is trying to make it happen. the wealth factor, winning to buy, a lot of bonds every month and those situations, make it a self-fulfilling prophesy and keep driving the market higher and higher. charles: and today the fed gets together and i guess the assumption the printing keeps going? >> no question about it. a market and economy dependent, i guess, but absolutely, they're going to keep printing until they feel they don't have to anymore which is probably a long time away from now. charles: buying the dips, thanks a lot, larry. that's by the way the opening bell, and the markets are ringing, the futures have been up all morning long and let's check the big board. dow up 29 points and ticking away. and the market is up and fedex we talk about that being something of a proxy for the economy. and they reported the numbers this morning and the profits were lower, and maybe people are buying or not shipping as much of the certainly we want to find out what's going on. let's go to nicole
. but with right to work states adding more jobs and with many in the government looking to cut more spending, is it time tore unions to simply get with the program? charles payne, dagen mcdowell, adam lashinsky, charlie gas pregas-- gasperino. >> and with the. >> i love the big raps. >> and communities with fewer presence of unions are doing better communities and businesses. the they drove hostess out of business and they have to figure out the dynamics. they've got to take a step back, we're trying to benefit and not in it for ourselves and the message doesn't get across anymore. >> neil: dagen? >> this is evidence of unions on the run. if you look at michigan, a huge move that that state, kind of the birth of unions as we know it in this country, is now a right to work state, but what you see -- you're starting to see the down and dirty tactics. a lot of unions in that state tried to do or are doing like is run around the law, but putting in place like wayne state university, for example, mandatory dues must be paid by the unions for periods of years, eight years in just that case. you're
's a holiday here on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards a
threat that the u.s. government could come after our private bank deposits? yes, i do. they may not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but
ever in washington's story -- this is a big story here. we have a government agency that actually wants to cut its budget. it wants to -- >> neil: bingo. wants to downsize. >> congress won't let them. never seen this before. congress is saying you can't touch your budget. it would be one thing if the postal service were earning profit and they had extra money but we're talking bat government agency, because of the decline in mail volume, losing in the neighborhood of 10 to $12 billion a year. this his the first baby step. >> neil: why was this rejected in part of a bigger thing. it wasn't as if they were just fighting this. do they want a more aggressive approach or were they saying, we about to start from scratch? >> first of all, that's the big problem. you have 535 bosses at the postal service trying to run this thing. and the postal -- postmaster general, good caw, cost cutter, wants to make this work. everytime he has tried to cut spending at the postal service, congress has blocked him. another example. we have literally scores and scores of old post offices in towns where you don
and speaker boehner think otherwise. only 4% said not a problem. and 85% said the federal government should balance the budget just like the average american family. and when asked about the economy, 65% said they have a nervous feeling about the future. only 28% expressed some confidence. but it doesn't seem like washington is listening to all of this. still no budget from the president, spending keeps going up. don't worry though, ben bernanke, as he said yesterday will keep printing. he didn't say in so many words, but he's going to keep printing and the markets are rallying on that news. so we have news this morning on cyprus, it may nationalize private pension money and also, look at this, please. an illegal pot business, that's booming in colorado and washington state and some call it the modern gold rush. coming up at 10:45 this morning, one woman who is cashing in big. her nickname is the martha stewart of marijuana, what she calls herself pushing herself into the legal weed business. that's coming up in our next hour. here we go, markets open in just a couple of minutes. will we hi
. trying to come to terms on keeping the government running. they want to get out of town. connell: one of berkshire hathaway's is here with us. dagen: twitter. seven years old today. happy birthday. connell: happy birthday, twitter. we have the money story behind the games and how it is torn apart. those stories and a whole lot more coming up on "markets now." ♪ dagen: it would also be one of the most famous racecar drivers birthdays of all time. it is top of the hour. nicole petallides is on the floor of the new york stock exchange. nicole: i have to tell you, the markets are pulling back. we hit a record all-time high on the dow jones industrials. only to see us pulling back today once again. the dollar remained higher today. the nasdaq remains down .8%. the dow and s&p are down about .5%. yesterday, we saw a broad-based gains. most of the names were higher. today, we are seeing much of the same. it is the other way around. most of the dow components are lower. ibm, hewlett-packard, intel, a lot of the attack names are leading the way to the downside. connell: going to breaking new
with you with the analogy. thanks so much. >> thank you so much. >> markets in the red as cypress governs pushing the vote on a bailout by another day, and the next guest says it's no agree. this is an isolated incident in a country so small with a very small limited economic output it went have an impact. joining us now is paul, president of heritage capital, and, paul, great to have you on the program. i know you heard phil's report on how the commodities markets react, and, yesterday, it seemed like investors were nervous, then calm, and, perhaps today they are nervous because maybe it's not just an isolated incident. maybe there will be a ripple effect more than anticipated. is it time? can you put it in the rearview mirror? >> we heard from the -- the last couple years, whatever it takes, they save the euro. whatever it takes. they are not going to have to load a revolver to save cypress, if they even want to. i think cypress is a one often. there's a lot of air in the markets. up roughly 10% on the year in equity, so, of course, any possible reason to pull some profits off the table
from the european central bank. it has created a solidarity, allowing the government to have power to impose capital controls on the big banks. while worried residents are lining up at atms. joining me now to help me with these developments is leadership for euro pacific capital. let me just start off the bat and ask you, the country has agreed to this solidarity funds. but i can't quite tell if this is the solution that the eu wants. could make good on the threat to kick out cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if you think about it, citizens around the world suffer from that tax. in the united states, how long havee had 0 #% interest rates in the united states how much money have savers lost who keep money in the bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative eang, food prices go up, gas prices up, and deposits lose value. ateast with the tax in cypress, it was more honest. the government up front saying
the government in cyprus is make being the situation there even worse, contributing to the chaos and virtually guaranteeing a bank run. the government says that cypriot banks wot open until nex tuesday! meantime, atm withdrawals are being limited to 500 bucks with no bailout in sight, is there any solution to keep calm and carry on? that is e first question for today's money power panel. we have a former consultant to the imf and the u.s. treasury department. julia is a chief economist at pnb paribas and former economist for the u.s. federal reserve board. and the always wonderful steve moore. you recognize him from "the wall street journal." that is him on the right there. john, let me start with you. >> yes. melissa: seems like they're making a situation that could have been resolved because of course they're not taking the 10% levy on deposits but keeping banks closed. people are beginning to panic. they're almost guaranteeing a run on the bank. are they making the situation worse? >> not politically. if tomorrow you wake up and you find there is a 10% tax on your bank deposits, you will no
, you're buying a bet that is secure, as we saw the government took some of that away in the financial crisis here in the u.s., the backdrop of our racing a little? >> it certainly shows up in the various qualitative measures that are in here when you ask about how secure is the credit structure, shows up in those measures and the u.s. dropped. david: finally, i assume if they eventually go ahead and confiscate the bank deposits we would at least be above them, am i correct? >> we would be above them, they would drop substantially. david: great to see you, regulations on the report. lauren: sometimes the road to opportunity takes you through other countries. up next, focusing even deeper into the emerging market and the publicly traded companies that stand to make money off of them, money you could be making. stay with us. investor. yeah, i'm a serious investor but i'm busy guy. it used to be easier but now there are more choices than ever. i want to know exactly wh i am investing in. i want to know exactly how much i'm paying. i want to use the same uff the big guys use. find out why
not going to happen. >> talk about big government. >> we have to look at -- can you imagine having the ships and planes hauling off people. i agree that, you know, right now if you really look to the future, we need to have these new workers. we need them for hi-tech jobs but we need them for agricultural jobs. >> your district is a place that, you know, there's been an interesting story about, about the way immigration has worked on long island and it's changed long island in a lot of ways. places have gotten far, far more diverse quite quickly. i remember when i covered the last big immigration fight in 2006-2007, one of the hot spots was in long island partly because things had changed very quickly. there were a lot of day laborers. tensions around day laborers. what are the politics four and your district? >> the politics for me to be very honest with you and i think i have extremely intelligent constituents -- >> as does every member of congress. >> they follow what's going on as far as in the news and everything else like that. but my district, the immigration issue is so diverse. it's
have been really concerned with what's going on, with a government that buys 1.2 billion bullets, hires 16,000 new irs agents, a government that's spent a trillion more than they earn than brought in, it doesn't help. the people in this country who are afraid of losing their rights and liberty, it's scary. stuart: i want debt center stage, and it's not. >> it's not. it should be. it might be likely limited, but it shows there's nothing above political meddling. what used to be taboo is your deposits are safe from taxation. stuart: the time is up, butdagen, connell it's yours. connell: thank you, sir. dagen: if you bail out those depositors, why shouldn't they have to pay something for the bailout? just asking. connell: whole hour to talk about it. connell: good morning, stuart and company told you the bad news from europe is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats,
the deadline for cyprus. one spokesman for the cypriot government saying the next few hours will determine the future of his country. a couple of consumer reads, popping pre-market on quarterly result the company had in january and nike ends an eight-quarter streak delivering a quarter and the top expectations and shares soaring this morning. for all of you who have been waiting for the z10. the day has come. blackberry available in stores and we'll check in on a store to see how demand is shaping up. >> indexes looking to bounce back after posting their biggest losses in three weeks. wall street keeping a close eye on cyprus where officials are working on another plan to secure the bailout. thises as the mediterranean nation is facing an ultimatum by the central bank. face losing emergency funds for cyprus' banks. this morning the cypriot government spokesman said the next few hours will determine the future of the country. cyprus' finance minister has returned from russia after two days of unsuccessful talks there to reach some sort of funding deal. so that story goes on and it will play
next on cyprus. erin david is "morningstar"'s expert on international banks on the government's attempt to break into individual bank accounts. coming next she tell us the banks to stay away from who are exposed in this whole thing and whether or not it could ever happen here. sandra: and later this hour, we turn our eyes to fashion and the publicly-traded retail tears that mike -- retailers that might make a good fit for your portfolio. ♪ thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. david: europe was hit by a financial earthquake with the news cyprus was set to confiscate 10% of all bank profit deposits for a bailout. taking income already earned and taxed seems to cross a line only hinted at by wealth taxes in the past. could we see the co
was the federal government is pushing out a new system that's completely automated for the emergency alert system, and that equipment is poorly secured. everyone thought it's no big deal. it's inside the station's network. who is going to get in there? that's the problem. we have to assume the attackers are in the network persistly, and we have to take the critical assets, treat them as the crown jewel, and be smart and stop thinking about fire walls and protecting our outer layer. gerri: doing it the wrong way, you say. thhy sent out fake alerts, which, to me, is squarey because you rely on that emergency alert system to keep you safe. >> yeah, and if we have false alarms on those systems, then people don't pay attention to the real alarms. it's a real problem going back to the issue of we got to stop thinking fire walls and antivirus. the bad guys are in the networks. what are we going to do strategically? differently? a ground changer to be proactive rather than reactive when it comes to protecting our critical infrastructure and our information assets. >> phyllis, you're -- your company is ve
reporting it just passed laws to create a solidarity fund that would pool state assets and give government powers to impose capital controls on banks. the european central banks says cyprus has until monday to raise $7.5 billion or risk financial collapse. banks there have been closed all week and hundreds of demonstrators gathering outside of parliament protesting. it is coming down to the wire. what will this do to the markets. what should you do with your portfolio? with me now is our money power panel. senior fellow at peterson institute. lance roberts, ceo and chief economist with street advisors. pleasure having you there. we're trying to get our third guest all strapped up. i think that was spencer patton. we'll see if we have him in a bit. jacob, let me start with you. what do you think of these latest developments? >> well, i think they're fairly predictable actually. it is very clear that the european central bank has given cyprus an ultimatum. it basically put as gun to your head. unless you come up with a deal that qualifies you for an international financial bailout by monday
oversight right. federal courts starting to that. >> because of bad policy, the federal government is looking at this. this is a policy that has gone wild. that has -- >> why has it gone wild? >> it is all a numbers game. >> i know it is a numbers game. what i have seen in the trajectory of this is this was happening -- it says something about the way the power works in the city. this was happening in -- every 15-year-old black kid in the bronx and in brooklyn and queens. and in harlem. >> creating so much outrage. >> yes. but why has it taken so long for that outrage to manifest itself? >> as stop and frisks have gone up and up and up in recent years, the outrage is bubbling over to the point where now it is just unacceptable. amount of division that has created between police and community members has gotten to the point i believes the making it less safe for everybody. meanwhile, it is distracting resource. >> in 2009. it wasn't as if it wasn't spoken about and hasn't been spoken about. >> ran in 2009. >> what's occurred over a period of time is the numbers continue to escalate.
. this so-called government style which is he believes that they should be doing the dirty work. he is sitting above the whole process. they should be bringing these things to him. he will sign whatever is put in front of him. so the assault weapons ban goes down because he doesn't have the votes to push it through. then where is obama? keys in israel. >> the president, working on the n.c.a.a. bracket. he should be doing michele on espn. lou: that's next. >> exactly. lou: of we going to see meaningful, whenever meeting you want to assign to it, meaningful gun legislation out of this congress? >> i think we're likely to see the background check which i thought from the very beginning was the most likely outcome. it pulls well, the kind of thing the republicans don't feel like i want to stand up and fight on including some nra members and some leaders. you're not going to get an assault weapons ban. i don't think you're going to get -- none of the things that the president really wanted. it's not going to happen. >> politics is a trump card because to survey the landscape and saw a nu
. that is one way to hedge it. there is more concern on at this time alley -- italy forming a new government. last three years we had the o in the first quarter only to see in april and may a curveball is thrown at us. that might be in the back of traders mind. david: a new government in italy. what a shock and surprise? only happens about twice a year. shibani: a lot of deja vu going on. tim, we'll check in with you with a few minutes to see how the s&p futures pit closes. david: thanks, tim. let's bring in the market panel with ralph and jim. great to see you. happy friday. jim, first to you, no matter what you throw at this market it keeps climbing. do you think it continues throughout the year? are we going to be closing out the year at new highs? >> david, i think we make new highs but i'm not sure we would close out the year at new highs. we'll see a higher market in here, but i think we'll probably consolidate something below that and close the year but it will still be a very good year for the equity markets. as you point out complacency in my experience does not make good investment
with their own sell order what's going on. housing is a big part of the economy but so is government spending. i think government spending is really being ratcheted back here. that's going to be a major focus in the month of april. we'll hear endlessly about government spending coming down. >> the note on oracle this morning, this shows incremental softness in i.t. spending environment. that's weighing on all tech names. ibm is down 1.25%. that's a huge weight on s&p 500 at this hour. a lots of them we are watching in the tech sector. s.a.p. down 2.5%. crm down 1%. it is taking everything down at this point. >> oracle was bad. can't mince words about it. >> was oracle being bad a sign of what's bad in overall tech spending or was oracle bad more of a sign of what's bad at oracle? or both? >> it is a big government provider. dell is, too. that's hurt dell. this was sloppy execution. deliver, deliver, deliver. are they losing share in the cloud? clearly. they won too many nine-figure deals. at the same time the market says i want to buy that weakness. why is lululemon up? they want to buy that wea
of the president is he seems more interested in the trappings and fun stuff than the governance, which was the job he was hired to do. he has an enormous amount of power. we pay him to do the job. you can say the project process is not sexy or exciting. >> neil: i built a career on it. >> now we're going back and forth. the fact is this is what you law says. he should abide by that. >> neil: well-spoken. thank you very much. i was kidding you about your favorite days but i'm worried. >>> fair and balanced. new york democratic congressman charly wrangle doesn't agree with a thing he said, which is okay. >> listen, only if you're fair and equal. forget the brackets. i'm here for the budget. >> he's late. it's routine policy in washington for things to be late. i guess we get used to this. but should we? >> well, let me make it clear that once the budget is passed, it has no meaning at all in the law. and so that there's no compulsion for anyone to do anything if, and i hope soon, there's agreement to the budget. a budget is really a statement of policy of the party. and hopefully in the future, we w
congress passed legislation last september allowing the government to sell space memorabilia, a major auction is now taking place. next monday, 250 space artifacts are going to be up for bids. there are space suits, gloves, photos, emblems, flags, and items valued ate a few hundred dollars, some 100,000, remember when tom hanks played jimmy lovell and counted by hand? you can now bid on page of those hand written notes, although invaluable to the crew whose lives they safe they have an estimated worth of between 50 and $90,000, and also up for bid dehydrated potato soup from the vision. one of most expensive items, the space magna carta. the document signed by u.s. and uss astronauts, symboling the symbolic end of the space race. >> and looking at something that might beatle less pricey, there's a baseball hat from the recovery crew of apollo 15. the amount is $500. >> neil: how many do they expect to participate in this? obviously given the 40th 40th anniversary of apollo 17, last flight to the moon, but who are the folks, how many of the folks who are going out for the auction and b
plan to cap it and generate piles of revenue for the government. it could pull a rag out from under the market and the homeowners. the latest details you cannot afford to miss. even when they say it is not, it is all about "money." ♪ melissa: all right, first to today's market moment. the raid on deposits sending chills down the spines. the market phone for the second session in a row. the first back-to-back losses nearly a month in case you're keeping track. investors gear may be best reflected in the vix. our top story, the critical situation in cyprus threatening to set off a chain reaction around the world. the european nation wants to tax all bank deposits up to 10% in order to secure a $13 billion bailout for the government. this move is unprecedented, it would basically allow the government to skim the bank accounts of every single person who makes a deposit into a cyprus bank account. if that is not enough, the country has closed all banks until thursday so if the decision is made there will not be anything anybody can do if they have money in the bank. now the world is br
for the next story. members of congress workedded together and passed a bill that will keep the government open for the next six months. who knows what happens in six months though. now the deadline was not tomorrow, and there were no filibusters. they actually compromised. should have sang a song when they were done too. they send the measure to president obama to sign it into law. now, it dips into funding day-to-day operations and provides another $87 billion to military operations, maintains a pay freeze for federal workers, eases impact of sequester on food safety and military aid. you said it couldn't be done, no, i said it couldn't be done. all right. more to come this hour including your next vacation that could cost you a little bit more after a judge's recent ruling. we'll explain, and banks in cypress remain closed, but residents are worried the government is getting set to take their money. next, how potential bank run there is impacting your money here. ♪ thank you orville and wilbur... ...amelia... neil and buzz: by clinging to the past. and with that: you're history. instead of
a bill to avoid a government shutdown to fund agencies through september 30th. senators voted 63-35, in case you're wondering, to limit the debate o legislation. a final vote on the bill could come as early as today. it would be sent to the house for final approval this week. we're going to talk more about the financial issues facing the country with fix the debt. mark burtolini is the ceo and chairman of aetna. >> he said they've -- i think they've done some layoffs. the layoffs were set in place. >> will you combine the white house -- you know, those were shut down with the easter egg hunt. didn't you go on that one year? >> yeah. >> it's starting to dig. it's start to go cut. >> why are people so outraged? >> about the easter egg hunt? >> come on. >> this is one of those things you're not supposed to comment on, right? >> i love easter. >> you really do? >> but you don't have to have it paid for with taxpayer dollars. >> i love the eggs and hiding the eggs. >> it's secular. >> it's in that category. >> you know what it represents. >> it is. >> my birthday is number three, the
and that can be done in a couple of days, you reduce the government's financing demand requirement down to approximately 5 billion euros. because then all your financing are the government deficits. >> adam, thank you so much. >> my pleasure. >> becky, you highlight a really good point. what is very clear from this government and also from the people on the ground that i've spoken with is they absolutely don't want to see a reduction in the sides of the banking system here because they know that is what 50% of the economy and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ears. bu
investing. stuart: a government spokesman said this, the next few hours will determine the future of the country. it may be affecting our stock market yet, but it is high desk in a rare. the parliament will have to say yes or no one some very basic issues. will the government seize russian mob money to nationalize private pension plans, let's check cashing and withdrawals. already they have to pay cash for guess where they can find it. to be sure to my credit cards usually do the work, and long lines of the very few atms that work. will the people with their backs against the wall except the sudden and very sharp drop in there standard of living? the small island where politicians are known personally , will they vote to take their money off. a very fluid situation that could go either way. ♪ as we said, the markets at this moment did not seem to care about cyprus. look at this. the dow was up to seven points. 14478. the price of gold. one would have expected gold to go up, but it down six box. why isn't told going straight up? >> i'm just not sure, although we have to put it pr
, but the key question for cypress now, given that this is a brand new government, they've only been in town for three weeks and they made an ex politicsit promise that they wouldn't hit depositors, that's going to be the key issue. can they pass it through parliament? carolin roth is the best person to speak to you about that. >> julia, thank you so much for that. everyone here in cyprus is anxiously waiting for that vote on a very controversial bailout deal. now, i should mention that at this point, the ruling party under the president does not have a clear majority in parliament to be able to push through that controversial vote because press reports are indicating that up to three parties could be voting against that bailout deal because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eu
the consumer. >> we're cautious. we're scared of how the government keeps putting money in people's market. the government trumped 2.4 million jobs and they didn't talk about the 1.9 million people on food stamps and snap program. so we're just very, very cautious. >> you're a new york, l.a. california guy. >> i'm not sure where this is going. >> you're not drinking the kool-aid on the big government? >> no. >> steve, thank you for being here. >> it's been a lot of fun. >> thank you. make sure you join us tomorrow. "squawk on the street" begins right now. ♪ ♪ ♪ >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with jim kramer and scott wapner. carl quintanilla and david faber have the week off. let's take a look at how we are setting up in the united states. we are looking at a strong open higher and the dow up at 79 points and yesterday we did see signs of life and the dow surging late in the session and the dow looking to snap that three-day losing streak. as for europe, both stocks and the euro seeing some relief. we do have a bounce here, a nice one,
partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion e
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